Housing Trust Group (HTG) and Mount Hermon African Methodist Episcopal Church started accepting tenants at the Mount Hermon Apartments, a 104-unit, $43.5 million affordable housing community in Fort Lauderdale for seniors aged 62 and older.
Located at 750 NW 4th Street, Mount Hermon Apartments offers one- and two-bedroom units for income-qualifying seniors earning at or below 25% and 60% of the area median income (AMI). Rents range from $433 to $1,422 monthly.Â
The seven-story community includes modern amenities, including a rooftop terrace with a walking path, lounge seating, and outdoor kitchen; a fitness center; a multipurpose clubroom; and a second-floor community gathering space. Additionally, there are several on-site services.
Mount Hermon Apartments was financed with $32.6 million in 9% Low-Income Housing Tax Credit equity syndicated through Raymond James, a $33 million construction loan from TD Bank, a $7.5 million permanent loan through Berkadia and Freddie Mac, and a $640,000 loan from the City of Fort Lauderdale.
The project team included general contractor HTG Gomez Construction and architect REP-R-TWAR.
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